Autor Cointelegraph By Jordan Finneseth

The euphoric calls for a return of the bull market may have been a bit early, especially after Bitcoin (BTC) bulls failed to push the price over the $46,000 level on March 31. Even with the current pullback, analysts continue to expect a lower support retest at the $45,000 level.Data from Cointelegraph Markets Pro and TradingView shows that today‘s attempt to push the price of BTC above $47,500 was soundly rejected by bears which sent the top cryptocurrency plunging to $45,500.BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts in the market are saying about the price pullback for BTC and whether or not traders should brace for further losses or prepare for another move higher. This is just a short term correctionNot all traders were caught flat-footed by Thursday‘s move lower in Bitcoin, including market analyst and pseudonymous Twitter user IncomeSharks, who posted the following chart prior to the price drop, noting that the “4h looks like it wants to correct a bit.”BTC/USDT 4-hour chart. Source: TwitterIncomeSharks said, “This is not me being bearish, I‘m just noticing 3 reasons why a little correction makes sense. Supertrend is going flat, we probably will re-test this breakout, and we can bounce at the trend line. Good time for me to take profits.”BTC searches for support between $42,000 and $45,000The next available levels of support to keep an eye on were discussed by market analyst and economist Caleb Franzen, who posted the following chart showing the 21-day, 55-day and 200-day exponential moving averages (EMA) for Bitcoin. He stated that “Sometimes it‘s helpful to cut out all the noise, remove price structure analysis, and just look at the exponential moving averages.”BTC/USD 1-day chart. Source: TwitterFranzen said, “All are potential support for Bitcoin, giving us a range of $42,000 – $45,000.”Related: Bitcoin derivatives metrics favor a move to $48K, but only after a lower support retestA necessary period of sideways consolidation A more macro view on what comes next for Bitcoin was provided by analyst and pseudonymous Twitter user BTCFuel, who posted the following chart comparing the BTC price action in 2012 to its current movement, suggesting that “after being up 28% in the last 2 weeks and breaking a major resistance, some sideways consolidation should be good for Bitcoin.”BTC/USD price in 2012 vs. BTC/USD price in 2022. Source: TwitterBTCFuel said, “In the next months, I believe that Bitcoin will move slow and steadily up like in 2012. But altcoins will go nuts.”The overall cryptocurrency market cap now stands at $2.087 trillion and Bitcoin’s dominance rate is 41.6%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The mood across the cryptocurrency market has seen a notable improvement in the last week as prices are on the rise with Bitcoin (BTC) now trading near $48,000 while Ether (ETH) attempting to hold  above $3,400. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin has been oscillating around $48,000 since it broke out above $45,000 early on March 28 and bulls are now debating whether a bull run to $80,000 is on the cards.BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts in the market are saying about the outlook for BTC moving forward and what levels to keep an eye on in case of a price pullback or another breakout to the upside. Bitcoin breaks above its 1-year moving average“Keeping it simple is often best” according to independent market analyst Philip Swift, who posted the following chart showing Bitcoin’s price relative to its 1-year moving average (MA). BTC/USD 1-day chart. Source: TwitterSwift said, “Price is now breaking back above the 1yr MA. Historically this is an important level for Bitcoin signaling the start of a bullish trend.”Possible entry at $45,000Insight into a possible entry point in the case of a pullback in the price of Bitcoin was touched on by crypto trader and pseudonymous Twitter user ‘Phoenix’, who posted the following chart outlining a possible trajectory BTC could take over the next few weeks. BTC/USDT 6-hour chart. Source: Twitter Phoenix said, “Those that missed the boat may hope for a perfect entry with a mid $45,000 retest. But, BTC often doesn’t give perfect entries. Clearly bullish after this clean break above the range in my opinion.” Related: Kitchen table Bitcoin: How should average investors approach crypto?Little resistance between $47,500 and $57,000As for the areas to look out for should BTC continue to head higher, market analyst and pseudonymous Twitter user ‘Rekt Captial’ posted the following chart suggesting the price could soon head toward $57,000 baring any major roadblocks. BTC/USD 1-month chart. Source: TwitterRekt Capital said, “Technically, if BTC flips the black ~$47,000 Monthly level into support this March… There’s little major Monthly resistance until ~$57000 (red).”The overall cryptocurrency market cap now stands at $2.151 trillion and Bitcoin’s dominance rate is 42.1%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.